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Real Estate Dictionary J-K
"joint and several liability" - "kiosk"
We try to provide as much information as possible to buyers of Ocala Real Estate. These terms and definitions apply pretty much nation wide, and we try to update with terms specifically relating to Florida Real Estate as soon as we come across something we've missed. We welcome your comments and suggestions!
JOINT AND SEVERAL
LIABILITY:
When two or more people agree to take on the same obligation (such as a
loan), they may each be responsible for a certain portion of the obligation or
they may each be responsible for the entire obligation. When the contract states
that liability is "joint and several", it means that all parties together are
responsible for the obligation ("joint") but also that each party individually
is responsible for the entire obligation on their own ("several"). The creditor
may sue all of them or just one for the debt.
JOINT AND SEVERAL NOTE:
A note signed by two or more persons in which they are liable jointly and
individually for the full amount of the loan.
JOINT NOTE:
A note signed by two or more persons who each have liability for payment
of part of the loan.
JOINT OWNERSHIP
AGREEMENT:
A contract between two or more people who have an interest in the same
piece of property which sets out their respective rights and obligations with
regard to the property and also may set out the way in which the parties agree
to manage the property.
JOINT TENANCY:
Joint ownership by two or more persons with right of survivorship; all
joint tenants own equal interest and have equal rights in the property.
JOINT TENANTS:
See "joint tenancy".
JOINT VENTURE:
A syndicate formed for a single purpose.
JOINTURE:
Made in lieu of dower, a freehold estate created in a property which
lasts for the life of the widow which takes effect upon the death of the
husband.
JUDGMENT:
The final determination of a court of competent jurisdiction of a matter
presented to it; money judgments provide for the payment of claims presented to
the court, or are awarded as damages, etc.
JUDGMENT CREDITOR:
A party who, by virtue of a court decision, is entitled to a monetary
payment from another party.
JUDGMENT DEBTOR:
A party who, by virtue of a court decision, is required to make a
monetary payment from another party.
JUDGMENT LIEN:
A general lien which applies to all property owned by a judgment debtor
located in the county where the judgment is recorded.
JUDICIAL
FORECLOSURE:
An enforcement action by a lender, the act of selling the property to
recover the mortgage debt after obtaining judgment of a court.
JUMBO LOAN
(MORTGAGE):
A loan for more money than the Federal National Mortgage Association and
the Federal Home Loan Mortgage Corporation will fund under its mandate.
JUNIOR LIEN
(MORTGAGE):
A lien that does not have first priority.
JUNIOR TRUST DEED:
A trust deed that does not have first priority.
JUNK FEES:
Slang term for extra fees charged by a lender on a mortgage loan.
JURISDICTION:
The authority by which judicial officers take cognizance of and decide
causes; the power to hear and determine a cause; the right and power which a
judicial officer has to enter upon the inquiry.
JUST COMPENSATION:
Payment of a fair and reasonable amount for property taken from a private
person by a government body.
K
KEY LOT:
A lot which has adjoining on its side the rear of another lot. It is
least desirable.
KEY TENANT:
For a commercial or office development, the resident who attracts other
residents or customers, such as a major chain store in a mall or a law firm in
an office building. May gain favorable lease provisions as an incentive to lease
space.
KICKBACK:
Gratuitous payment made to a person for a referral of business.
KICKER:
Additional compensation for a lender or investor, the right to share in
the income from the property in addition to payments of principal and interest.
Also known as "equity kicker" or "lender participation".
KIOSK:
Any small structure that stands alone, usually for the purpose of
supplying a product or service (i.e. the attendant's booth in a parking lot, a
lottery booth in the center of the promenade of a mall).